The need for cosmetic products is growing daily, regardless of gender or age. To fulfill the increasing demand for beauty and personal care products lot of new businesses and investors are attracted by the beauty industry’s charm.
In the past few years, the cosmetic industry has undergone crises driven by pandemics. But compared to 2021, the global market for cosmetics grew by more than 16% in 2022. The increasing preference toward eco-friendly and sustainable skin care products drives the demand for natural and organic cosmetics. Consumers now consider the tightening, enhancing, and healing properties of a cosmetic product in addition to how it makes them look. Organic cosmetics use natural ingredients from organic farms in their formulations.
Some recent innovations in the organic cosmetic products:
- Maybelline New York launched the Green Edition, a range of vegan cosmetics produced with at least 70% natural ingredients, as part of its Conscious Together global sustainability strategy.
- The cosmetics company Half Magic recently launched compostable eyeshadow compacts made of PaperFoam, a strong, lightweight, and biodegradable polymer derived from molded cellulose and industrial potato starch.
The following figure shows the revenue of the natural and organic cosmetic industry in major countries:
Small and medium-sized businesses (SMEs) that produce the majority of their products on a local, regional, or national basis are frequently responsible for natural and organic beauty brands. Localized production can support more sustainable and possibly shorter supply chains, as well as a more authentic and personal perception of the brand.
For the major companies, developing beauty products that adhere to one or more of these standards—natural, clean, and sustainable—is particularly difficult because of their scale. Therefore, smaller firms that don’t have the same scaling issues as larger ones have an edge in satisfying the demand for natural, clean, and sustainable beauty. Some of the companies involved in the creation of natural and organic cosmetics include Tata Harper, True Botanicals, 100% PURE, Purity, and Juice Beauty.